All Forum Posts by: Sanjay Gupta

Sorry, what is nominee ? Is it in Turbo Tax ?

I flipped property in 2017. We had two partners and used our personal name when buying. At time of buying, we did not have LLC setup.

later on we have LLC and LLC taxes are taken care by CPA.

How do we report sale of property which we did on our name , we have received 1099-S form ? We want to treat as business but at that time we did not have any LLC setup.

We should be able to deduct miles deductions.

There was also some tax withheld Form 593 so need to see how this should also be accounted.

Thanks a lot.

Thanks a lot. Will connect with you Zab,

Hi,

We need to do start project and we will be hiring Licensed Contractor but we would like to some work done by Unlicensed Contractors( Handyman).

Do I need to take Workers Comp insurance ?  What kind of insurance we would need to protect us ?

Second question is when payment is made to contractor, we just need to issue them 1099 in the end and have all receipts of payment , do we need to care about payroll tax or any other tax.

Looking for any good recommendations for good and reliable general contractor in bay area, CA.

Thanks Michael,

It makes sense now. Just one question is that can we issue 1099 without knowing their EIN number or SSN Number. We have not taken their EIN number  but we have there address and invoice.

Thanks all, 

Still some points are not clear to me.

e.g. some Company which installs shower panel & Door which includes parts and labour and they gave us invoice and we paid them using credit card or check so now do we need to issue them 1099. It does not makes sense to me since it is parts and labour. 

We don't issue 1099 to HomeDepot where we bought stuff. They are required to do their own reporting so we need to simply keep receipts

Do we need to issue 1099 form to Independent Contractors which were not not licensed contractor  for payments done ?

What about General Licensed Contractor who  gave us invoice for work and we paid for invoice? Do we need to issue them 1099 also.

Thanks all, Yes Escrow send 593 forms to sign and then we need to declare how much tax should be held.

Thanks a lot.